证券研究报告：美容护理 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 发布时间：2025-05-08 个护稳健，美妆海外承压。24 年分品来看：1）个护业务实现收 入 23.8 亿元，同比-3.42%，毛利率 63.59%，同比+2.6pct，六神升级 驱蚊蛋系列产品，整体表现稳健；2）美妆业务实现营收 10.5 亿元， 同比-29.81%，毛利率 69.67%，同比-2.7pct，主动去库及调整带动美 妆业务下降，玉泽将升级面霜与防晒产品，同时将推出械字号重组胶 原蛋白系列产品以及主打 17 型环肽的修护产品，丰富产品线；3）创 新业务实现营收 8.3 亿元，同比-19.38%，毛利率 40. ...

股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.10 | | --- | --- | | 总股本/流通股本（亿股）6.72 | / 6.72 | | 总市值/流通市值（亿元）162 | / 162 | | 52 周内最高/最低价 | 24.10 / 13.97 | | 资产负债率(%) | 32.7% | | 市盈率 | -19.44 | | 第一大股东 | 上海家化(集团)有限公 | | 司 | | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 上海家化(600315) 证券研究报告：美容护理 | 公司点评报告 发布时间：2025-05-08 主动调整 24 年业绩承压，25Q1 企稳，静待改善 l 事件回顾 公司公布 2024 年年报及 25Q1 季报，2024 年公司实现营收 56.79 亿元，同比-13.9%，实现归母净利润-8.33 亿元，同比-266.6%，扣非 归母净利润-8.38 亿元，同比-366.4%。2025Q1 实现营收 17.04 亿元， 同比-10.6%）， ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Jahwa, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Views - The company reported a net profit of 2.17 billion yuan in Q1 2025, marking a turnaround from losses in the previous quarter, despite a 10.59% year-on-year decline in revenue [1][2]. - The company is undergoing strategic adjustments, including brand upgrades and channel optimization, which are expected to enhance profitability in the future [2][4]. Financial Performance Summary - In 2024, the company achieved revenue of 56.79 billion yuan, a year-on-year decrease of 13.93%, with a net profit of -8.33 billion yuan [1]. - For Q1 2025, revenue was 17.04 billion yuan, down 10.59% year-on-year, but the net profit showed a recovery to 2.17 billion yuan [1]. - The gross margin for Q1 2025 was 63.4%, with a net margin of 12.75% [1]. Business Segment Analysis - Personal care segment revenue in 2024 was 23.79 billion yuan, down 3.42% year-on-year, with a gross margin of 63.59% [2]. - The beauty segment saw a significant decline in revenue, down 29.81% to 10.50 billion yuan, but maintained a gross margin of 69.67% [2]. - The overseas business generated 14.15 billion yuan in revenue, a decrease of 11.43% year-on-year, with a gross margin of 48.32% [2]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan aiming to raise up to 77.51 million yuan, with a share price set at 16.03 yuan per share [3]. - The plan includes participation from key executives and middle management, reflecting long-term confidence in the company's recovery [3]. Profit Forecast - The company is projected to achieve net profits of 3.42 billion yuan, 4.64 billion yuan, and 5.24 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The expected earnings per share (EPS) for the same years are 0.51 yuan, 0.69 yuan, and 0.78 yuan, with corresponding price-to-earnings ratios of 44x, 33x, and 29x [4].

机构简介： 上海石锋资产管理有限公司成立于2015年，实缴资本1000万元，协会观察会员，具备"3+3"投顾资格， 已获四大报股票策略全满贯：2座中国证券报金牛奖，2座上海证券报金阳光奖，2座证券时报金长江 奖，2座中国基金报英华奖，还包括金樟奖，金鼎奖，东方财富，好买基金，金斧子，Wind等多项大 奖。公司多位合伙人均在大型保险、券商资管、公募基金从事投研工作十年以上。公司专注二级市场股 票投资，与国内知名银行、券商、第三方均有合作，旨在为客户创造长期稳健复利。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）上海家化 （上海石锋资产管理有限公司参与公司业绩说明会） 调研纪要：上海家化对618有信心，核心品牌有望实现高双位数GMV增长。员工持股计划旨在提高竞争 力、降低流失率、养成主人翁精神。过去半年进行了战略明确、组织设计匹配、人才队伍建设、文化建 设等调整。电商方面进行了货盘梳理、价盘整理、组织架构调整和产品迭代。玉泽B5系列计划作为京 东阵地主要产品线。效率提升方面，品效、人效、电商服务、经营质量均有提升。今年营收力争两位 ...

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover rates, and foster a sense of ownership among employees [1] - The company has made strategic adjustments in the past six months, including organizational design, talent development, and cultural initiatives [1] - E-commerce strategies have been refined, including inventory management, pricing adjustments, organizational restructuring, and product iterations [1] - The Yuze B5 series is planned to be a key product line on JD.com [1] - The company aims for double-digit revenue growth this year and to turn profits around [1] - The long-term profit recovery is expected to follow a timeline of 1-2 years for revenue growth, 2-3 years for profit improvement, and 3-5 years to meet profit margin targets [1] - The main brand Yuze is positioned as a skin barrier repair expert, while Liushen is expanding its usage scenarios and target demographics [1] Group 2: Zai Lab - Zai Lab introduced its pipeline drugs ZG006, ZG005, and ZGGS18, highlighting their latest developments and future plans for the next 3-5 years [2] - ZG006 is the world's first DLL3-expressing tumor tri-specific antibody, which has received clinical trial approvals from NMPA and FDA, showing promising early efficacy [2] - ZG005 is one of the first drugs in clinical research targeting the same pathway, with multiple clinical studies underway [2] - ZGGS18 has completed the dose escalation in Phase I trials in China and is currently in Phase I/II clinical trials [2] - The company plans to continuously explore the commercialization potential of its existing and upcoming products to achieve sustained revenue growth [2] - Zai Lab also discussed the sales progress and future expectations for recombinant human thrombin and the approval status of recombinant human thyroid-stimulating hormone [2] Group 3: Company Overview - Shenzhen Zhongou Ruibo Investment Management Co., Ltd. was established in 2007 and is one of the earliest private equity fund management companies in China [3] - The company focuses on secondary market securities investment and has launched over 50 private equity products in collaboration with top domestic financial institutions [3] - It obtained private fund manager qualifications in 2014 and launched its first overseas fund in 2016 [3] - The name "Rabbit Fund" reflects the company's investment culture of risk management, emphasizing the importance of risk prevention and management [3] - The investment philosophy is centered on growing alongside great companies and adapting strategies to respect market trends [3] - The company has received numerous accolades for its performance, including the "Morningstar Award" and "Golden Bull Award" [3]

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The company has implemented strategic adjustments over the past six months, including organizational design, talent development, and cultural construction [1] - The employee stock ownership plan aims to enhance competitiveness and reduce turnover [1] - E-commerce strategies include inventory optimization, price adjustments, and product iterations, with the Yuze B5 series positioned as a key product line on JD.com [1] - The company targets double-digit revenue growth this year and aims to turn profits around [1] - Long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Yingjie Electric - Yingjie Electric expects revenue of 1.78 billion yuan in 2024, a year-on-year increase of 0.59%, but a 25.19% decline in net profit attributable to shareholders [2] - Delays in revenue recognition in the photovoltaic industry and increased costs have impacted performance [2] - The company reported a net cash flow from operating activities of 601.77 million yuan, an increase of 462.05 million yuan year-on-year [2] - Inventory has decreased to 1.556 billion yuan, with contract liabilities maintained around 1.1 billion yuan [2] - New orders have decreased by approximately 40%, but the company has over 2.7 billion yuan in hand orders [2] - The company aims to confirm overseas photovoltaic orders by 2025, with expected revenue pressure but not a significant decline [2] - The semiconductor advanced process power products have begun mass production, with projected revenue of 350 million yuan in 2024 [2] - R&D investment is high, focusing on semiconductor development, with new hires primarily in this area [2] - Financial risks are manageable, with most photovoltaic payments received [2] - The company targets 5 billion yuan in revenue within the next 3-4 years and aims to enter the top 100 private enterprises in Sichuan [2]

根据市场公开信息及4月28日披露的机构调研信息，知名私募彤源投资近期对4家上市公司进行了调研， 相关名单如下： 调研纪要：芯碁微装在先进封装领域取得进展，设备WLP2000完成多家客户验证，部分进入量产筹 备。直写光刻技术在无掩膜成本及操作便捷等方面具备优势。关税政策对公司影响有限，供应链结构优 化，客户订单持续增长。泰国子公司以服务本土客户为核心，已有20多名员工，本地与外派人员各半。 2024年海外订单占比接近20%，彰显国际市场竞争力。掩模板业务预计今年下半年迎来突破，2026- 2027年占据有利地位。去年IC载板业务面临挑战，但对2025-2026年发展前景充满信心。一季度营业收 入同比增加22.31%，净利润同比增加30.45%，销售量规划充满信心。 4）康弘药业 （上海彤源投资发展有限公司参与公司电话会议&口头） 调研纪要：康柏西普已稳居中国眼科抗VEGF市场的领导地位，公司有信心继续取得新辉煌。公司整体 研发布局集中在眼科、精神/神经、肿瘤领域，形成多元化研发体系。基因治疗产品显示良好安全性和 疗效，双载荷DC分子具有协同作用。公司积极应对集采政策，创新药销售占比提升，化药仿制药销售 占比下降 ...

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover, and foster a sense of ownership among employees [1] - Recent strategic adjustments include clarifying strategy, aligning organizational design, building talent teams, and cultural development [1] - E-commerce initiatives involve inventory optimization, pricing adjustments, organizational restructuring, and product iteration [1] - The Yuze B5 series is planned as a key product line for JD.com [1] - The company aims for double-digit revenue growth this year and to turn profits around [1] - The long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Zai Lab - Zai Lab introduced its pipeline drugs ZG006, ZG005, and ZGGS18, highlighting their latest progress and future plans for R&D, commercialization, and internationalization over the next 3-5 years [2] - ZG006 is the world's first DLL3-expressing tumor tri-specific antibody, which has received clinical trial approval from NMPA and FDA, showing promising early efficacy [2] - ZG005 is among the first drugs in clinical research targeting the same pathway, with multiple clinical studies ongoing [2] - ZGGS18 has completed the I phase dose escalation in China and is currently in I/II phase clinical trials [2] - The company plans to continuously explore the commercialization potential of its existing and upcoming products to achieve sustained revenue growth [2] Group 3: Aladdin - Aladdin has achieved several domestic product replacements through independent R&D and innovation, enhancing its competitive edge [3] - The company collaborates with Yuan Ye and Fei Peng to share resources, expand business scale, and improve overall competitiveness [3] - Cost control measures include promoting convertible bond conversions, optimizing inventory turnover, and expanding overseas markets and biological reagent business [3] - Revenue growth in the life sciences sector is primarily driven by the merger with Yuan Ye Bio, increasing sales of major life science products [3] - Both external and internal growth strategies are driving the company's development, with active research into potential acquisition projects [3] Group 4: Company Overview - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on growth stock investment with a safety margin approach [4] - The company has a complete and unique investment management knowledge system, with a team of 50 employees, nearly 30 of whom are professional research analysts [4] - The management scale has exceeded 10 billion yuan, specializing in secondary stock long strategies and PIPE strategies in the pharmaceutical, advanced manufacturing, and consumer sectors [4] - Licheng has consistently ranked high in long-term performance and has received multiple private equity awards [4]

在投资领域，"困境反转"一直是一类重要的投资机会。根本原因在于，其提供了低价买入优质资产的机 会，蕴含着基本面改善与预期差的双重价值空间。 如今的上海家化，也正在释放这种困境反转的信号。直观来看，上海家化交出的2024年报及2025年一季 报中核心财务指标表现并不亮眼，但困境反转的逻辑逐渐清晰，展现出高弹性复苏的潜力。资本市场的 态度同样较为乐观，其财报发布翌日股价不跌反涨，收涨4.2%。 更具体的，笔者进一步梳理上海家化的困境反转逻辑。 1、业绩下滑的另一面："深蹲起跳"加速完成 深入挖掘上海家化的财务数据来看，在业绩下滑背后，更多线索指向了基本面的改善。这种现象恰恰印 证了"困境反转"的预期。 根据财报，2024年及2025年一季度，上海家化实现营业收入56.79亿元、17.04亿元；净利润-8.33亿元、 2.17亿元，均呈同比双降。 但拆解后可以看到，上海家化2024年的亏损主要受到商誉减值和改革阵痛的影响，其中计提商誉减值约 6.1亿，实际经营性亏损程度更轻。在这背后，其商誉减值源于汤美星经营成果与前期业务规划的较大 差异，也与更换管理层，对战略定位、业务规划重做调整有关。改革方面，上海家化一直在解 ...

上海家化董事长兼首席执行官林小海将其定义为"卸包袱"与"寻出路"的一年——砍掉历史包 袱、重塑品牌矩阵、重构渠道逻辑。这场转型背后，既有壮士断腕的决绝，也有对国货未来竞 争力的深思。 根据财报数据，2 0 2 4年，上海家化实现营业收入5 6 . 7 9亿元，同比下滑1 3 . 9 3%；归母净利润 亏 损 8 . 3 3 亿 元 ， 其 中 商 誉 减 值 6 . 1 亿 元 ， 海 外 业 务 亏 损 1 亿 元 ；2 0 2 5 年 一 季 度 ， 营 收 1 7 . 0 4 亿 元，同比下滑1 0 . 5 9%。 从表面上看，这是一份"触底"的成绩单，但，" 深蹲是为了更好地起跳。 " 林小海在媒体电话 会上表示。 4月2 4日晚，上海家化发布2 0 2 5年一季报暨2 0 2 4年报。 2 0 2 4年的中国美妆市场，K型分化加剧，国际品牌与新兴国货的夹击下，百年老牌上海家化交 出了一份"矛盾"的财报：营收利润双降，但应收账款、存货周转、现金流等指标显著优化。 2 0 2 4年，上海家化完成了深刻的业务和组织架构调整，业绩主要受到海外业务减值和国内业 务战略调整的影响。 其中，以母婴品牌汤美星为主的 ...